Ford Motor Company
Ford Motor Company Announces $1.7 Billion Remeasurement Loss in Pension and OPEB Plans
Summary
Ford Motor Company disclosed a pre-tax remeasurement loss of approximately $1.7 billion related to its pension and OPEB plans in the fourth quarter of 2023. This loss, reported as a special item, includes $0.5 billion from U.S. pension plans, $0.9 billion from international pension plans, and $0.3 billion from OPEB plans globally. The loss was driven by lower discount rates compared to year-end 2022, partially offset by asset gains. This remeasurement will decrease Ford's net income by about $1.3 billion on an after-tax basis but will not affect its adjusted EBIT or earnings per share. Ford's pension and OPEB plans remain fully funded, with an expected underfunded status of $2.3 billion and $4.7 billion, respectively, at year-end 2023.
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About Ford Motor Company
Ford Motor Company, a prominent entity in the automotive sector, is renowned for designing, manufacturing, and selling a full line of trucks, utility vehicles, and cars, domestically and internationally. This esteemed company, founded in 1903 and headquartered in Dearborn, Michigan, also holds a significant presence in the automotive financial services landscape through Ford Credit. Ford’s commitment to innovation is evident in its push towards sustainable and smart vehicles, including the development of electric and autonomous driving technologies. As a key player in the automotive industry, Ford impacts several sectors, including manufacturing, transportation, and energy. Its operations influence global supply chains, employment, and economic health. The company's broad market reach, storied history, and strategic emphasis on future mobility solutions reinforce its integral role in the automotive market's advancement and evolution.
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